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Category: Info for consumers |
Published

Redlining: CFPB and DOJ action requires BancorpSouth Bank to pay millions to harmed consumers
Archived

BancorpSouth Bank will pay $10.6 million to address redlining and other discrimination claims. After, for the first time, we used undercover testers to help support claims of discrimination.

Category: Info for consumers |
Published

Hudson City Savings Bank to pay $27 million to increase access to credit in Black and Hispanic neighborhoods it discriminated against
Archived

The complaint alleges that Hudson City redlined by locating its branches and selecting mortgage brokers nearly all outside of majority-Black-and-Hispanic neighborhoods, among other actions. In other words, it intentionally discouraged potential borrowers from equal access to credit in majority-Black-and-Hispanic neighborhoods in New Jersey, New York, Connecticut, and Pennsylvania.

Category: Policy and compliance | Category: Info for consumers |
Published

Ally to repay $80 million to consumers it discriminated against
Archived

When you shop for a car, auto lenders work with your auto dealer to offer you financing for your loan. Auto lenders consider the terms of your loan, your credit history, and other factors, to set a risk-based interest rate on your loan.  Many of them have policies that allow an auto dealer to “markup” […]

Category: Policy and compliance |
Published

Preventing illegal discrimination in auto lending
Archived

Every year, millions of American families buy a car – and it will be one of the most significant purchases they make. One key priority for us is protecting consumers from the silent pickpocket of discrimination. Discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year. The […]

Category: Policy and compliance | Category: Data, research, and reports |
Published

Fulfilling our fair lending mandate
Archived

We are responsible for ensuring “fair, equitable, and nondiscriminatory access to credit” under the Dodd-Frank Act. Today, we submitted a report to Congress on our efforts to fulfill this fair lending mandate. The CFPB has made great strides on this front over the past year, and the Fair Lending Report of the Consumer Financial Protection […]

Category: Policy and compliance |
Published

Fair Notice on Fair Lending
Archived

Millions of Americans rely on loans and other credit products to attend college, buy cars, purchase homes, or open businesses. For many of us, access to credit makes it possible to achieve the American Dream of a better life for ourselves and our children. All too often, credit discrimination stands in the way of this access. It keeps worthy borrowers from the tools they need to reach their financial goals.

Credit discrimination is illegal. The Consumer Financial Protection Bureau is responsible for enforcing the Equal Credit Opportunity Act. The Office of Fair Lending and Equal Opportunity at the CFPB helps ensure that all Americans have fair, equitable, and nondiscriminatory access to credit, and we will use every tool at our disposal to protect American consumers. Learn more.

Category: Policy and compliance |
Published

Addressing credit discrimination
Archived

The CFPB is the first federal agency with the primary mission of making consumer financial markets work for American consumers. Congress charged us with ensuring that: All consumers have access to markets for consumer financial products and services; and Markets for consumer financial products and services are fair, transparent, and competitive.